The rupee extended overnight gains in terms of the dollar on Thursday in the process of trading activity, dealers said. The rupee picked up around 23 paisas in relation to the US currency for buying and selling at Rs 123.50 and Rs 123.55 respectively, they added.
In the fourth Asian trade, the dollar was nudged away from a 13-month peak on Thursday as risk aversion eased and emerging market currencies bounced back on news that a Chinese delegation will travel to the United States late in August to hold trade talks.
China's Ministry of Commerce said on Thursday that it had received an invitation from the United States for talks to be held with US Under Secretary of Treasury for International Affairs David Malpass.
The news that the world's two biggest economic powers currently locked in a trade war were showing a willingness to negotiate boosted investor sentiment after a worrying week.
The dollar index against a basket of six major currencies was 0.17 percent lower at 96.536. It pulled back from a 13-month high of 96.984 scaled the previous day when currency turmoil in Turkey and concerns about China's economic health supported safe-haven assets and weighed on emerging market currencies.
The dollar was available against the Indian rupee at Rs 70.195, the greenback was at 4.097 in terms of the Malaysian ringgit and the US currency was trading at 6.885 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday: 83.75-83.75 (Previous 83.75-83.75).
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Open Bid Rs.121.00
Open Offer Rs.122.30
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Bid Rate Rs.123.50
Offer Rate Rs.123.55
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According to currency dealers, the short supply phenomenon of the US dollar prevailed throughout the trading session which helped its appreciation for buying and selling at Rs 120.50 and Rs 121.50 as compared to the overnight closing rates of Rs 120.10 and Rs 121.20 respectively.
On the contrary, the national currency maintained upward trend for another day against the pound sterling. The pound's buying and selling rates further slipped from Wednesday's closing of Rs 150.30 and Rs 151.30 to Rs 150.20 and Rs 151.10 respectively, they added.
The dollar opened at Rs 121.50 (buying) and Rs 121.60 (selling) against last rate of Rs 122(buying) and Rs 122.10 (selling). It closed at Rs 121.50 (buying) and Rs 121.60 (selling).